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Amid its bullish comeback, Solana ($SOL) has again become the center of attention in the crypto community, with an analysis projecting up to a 2,500% surge.
Today, Solana rallied to a high of $171.43, reclaiming a two-month high amid the expanding bull market. Notably, on August 1, when $SOL was last seen in the $170 range, the price subsequently dropped to $110.61 by August 5.
Investors endured a challenging journey back to these high points over the 11 weeks that followed. The current comeback marks an impressive 55% rebound from the August low. Now, an analysis suggests that $SOL could witness another 25X surge as the bull run gains momentum.
The analyst pointed out that Solana’s price chart has formed a “cup-and-handle” pattern, a bullish structure. This formation typically signals that the asset has completed a correction phase and is gearing up for its next major upward move.
Solana Set for 2,500% Rally to $4,500?
In Solana’s case, the chart shows a rounded “cup” that began forming in late 2021. After a prolonged period of decline, $SOL bottomed out in 2023. Accordingly, it gradually recovered, completing the cup’s formation by the first quarter of 2024.
The “handle” phase, currently ongoing, is represented by a consolidation zone marked by sideways price action since hitting $206 in Q1. According to the analyst, this ranging phase is nearing its conclusion, and a breakout could follow.
Specifically, if Solana breaks through the handle’s resistance level, the cup-and-handle pattern could trigger a price surge, estimating a potential rally to $4,500. From Solana’s current price of around $170, this ambitious threshold amounts to a massive 2,547% growth.
Other Market Watchers Disagree
However, some market watchers have challenged this lofty price target. For instance, CoinGecko suggested that $450 is more realistic for $SOL than $4,500.
Another dissenting voice regarding the $4,500 projection pointed out that at this price point, Solana would have a valuation of over $2.11 trillion, nearly twice that of Bitcoin, suggesting that such an outlook is unrealistic. Some have even argued that the highlighted cup-and-handle pattern does not support the likelihood of a 25X surge for $SOL.
